Bitfinex, one of the leading crypto exchanges, has become the first client for Tap Global and its newest Cards-as-a-Service (CaaS) platform. With the latest B2B product, companies can offer their clients prepaid debit cards to enhance their offerings.
Tap Global Partners with Bitfinex
According to Tuesday's press release, Tap Global is a publicly listed (AQSE:TAP) provider of a crypto app connecting the world of blockchain technology and traditional finance. The CaaS platform, based on a partnership with Mastercard, is the company's latest product, and Bitfinex customers will be the first to take advantage of its capabilities.
"We are excited to add this B2B Product to Tap's offering and look forward to supporting innovative businesses such as Bitfinex in providing their clients with financial flexibility to seamlessly convert and spend cryptocurrency assets without hindrance from the traditional banking system," David Carr, the Chief Executive Officer of Tap, said.
As a first step, the card will be available to European Bitfinex customers. Using Tap's infrastructure and regulatory approvals, the customers will be able to exchange cryptocurrencies for euros and transfer them to the prepaid card.
The product will carry the Bitinex branding, but Tap provides all related services. The company will also charge monthly fees associated with using the card.
"Tap is not a simple 'buy crypto' app, focused solely on individual users. It is our ambition to be one of the world's leading FinTech companies, and this product is an example of our significant and growing business-focused offering," Carr added.
Bitfinex Starts a New Partnership and Expands Global Presence
Bitfinex recently announced enabling real-time Single Euro Payments Area (SEPA) payments on the platform with its latest partnership with the fiat on-ramp services provider, OpenPayd. SEPA allows instant euro-denominated deposits and withdrawals.
"This collaboration forms part of our continued efforts to provide a premium customer service experience to our growing user base," Bitfinex's CTO, Paolo Ardoino, commented.
In the meantime, the company announced the expansion of its presence in the digital assets industry through the launch of a new trading product in Kazakhstan. Dubbed Blockstream Mining Note (BMN), it allows investors to expand their exposure to the Bitcoin mining industry. BMN aims to increase efficiency and reduce cost by packaging mining operations in a tradable crypto token.
Watch the recent FMLS22 panel on forex and crypto industry trends in 2023.
Bitfinex Is One of the Oldest Companies in the Industry
The cryptocurrency exchange Bitfinex has been present in the market for more than 11 years, since 2012. During this time, it had to deal with a high-profile hacking attack back in 2016. The funds still remain for the most part unrecovered. However, by February 2022, the enforcement bodies successfully recovered $3.6 billion of the stolen funds.
Despite such a severe security breach, the exchange has managed to maintain consumer confidence and stay true to its values. According to the exchange's representatives, these are the main reasons why Bitfinex is still one of the most popular cryptocurrency platforms in the world.
"In our industry, Bitfinex is one of the oldest companies and one of the largest by exchange-traded volume, but we are also one of the smallest by headcount, and we have a very strong culture underpinned by our values," the company said.
